An estimation of crude oil import demand in Turkey: Evidence from time-varying parameters approach

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dc.authoridOzturk, Ilhan -- 0000-0002-6521-0901
dc.contributor.authorÖztürk, İlhan
dc.contributor.authorArisoy, Ibrahim
dc.date.accessioned12.07.201910:50:10
dc.date.accessioned2019-07-12T15:27:54Z
dc.date.available12.07.201910:50:10
dc.date.available2019-07-12T15:27:54Z
dc.date.issued2016
dc.departmentMeslek Yüksekokuluen_US
dc.descriptionWOS: 000388055800018en_US
dc.description.abstractThe aim of this study is to model crude oil import demand and estimate the price and income elasticities of imported crude oil in Turkey based on a time-varying parameters (TVP) approach with the aim of obtaining accurate and more robust estimates of price and income elasticities. This study employs annual time series data of domestic oil consumption, real GDP, and oil price for the period 1966-2012. The empirical results indicate that both the income and price elasticities are in line with the theoretical expectations. However, the income elasticity is statistically significant while the price elasticity is statistically insignificant. The relatively high value of income elasticity (1.182) from this study suggests that crude oil import in Turkey is more responsive to changes in income level. This result indicates that imported crude oil is a normal good and rising income levels will foster higher consumption of oil based equipments, vehicles and services by economic agents. The estimated income elasticity of 1.182 suggests that imported crude oil consumption grows at a higher rate than income. This in turn reduces oil intensity over time. Therefore, crude oil import during the estimation period is substantially driven by income.en_US
dc.identifier.doi10.1016/j.enpol.2016.03.018
dc.identifier.endpage179en_US
dc.identifier.issn0301-4215
dc.identifier.issn1873-6777
dc.identifier.scopus2-s2.0-84975527917
dc.identifier.scopusqualityQ1
dc.identifier.startpage174en_US
dc.identifier.urihttps://doi.org/10.1016/j.enpol.2016.03.018
dc.identifier.urihttps://hdl.handle.net/20.500.12507/526
dc.identifier.volume99en_US
dc.identifier.wosWOS:000388055800018
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherELSEVIER SCI LTDen_US
dc.relation.ispartofEnergy Polıcıy
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectOil import Demanden_US
dc.subjectPrice and İncome Elasticitiesen_US
dc.subjectOil Priceen_US
dc.subjectOil Consumptionen_US
dc.subjectGDPen_US
dc.titleAn estimation of crude oil import demand in Turkey: Evidence from time-varying parameters approach
dc.typeArticle

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